Interim Results

INVESCO Asia Trust PLC
14 December 2001

INVESCO Asia Trust plc



             Preliminary Announcement - Unaudited Interim Results
                        Six Months to 31 October 2001

Chairman's Statement

The growing evidence of the decline in the US economy and the softening of
consumer demand there following the horrific events of 11 September caused
real damage to the economies of the countries of the East Asia region.
Already suffering from sharply reduced demand for computer and other
electronic components from the United States and Japan, the region suffered a
severe economic slowdown just as they were recovering from the after effects
of the 1997-98 financial crisis.

In these poor conditions, the Company's net asset value fell by 30.7% from 30
April 2001 up to the stock market low point on 21 September by comparison with
a fall of 27.1% in the Company's benchmark index, the MSCI (All Country) Far
East ex Japan Free Index expressed in sterling.  Improving sentiment has
contributed to an improvement of 45.8% in net asset value since that date.

No dividend is being declared at this interim stage.

Looking forward, your Managers and Board believe that, barring unforeseen
events, there should be a continuing, if modest, improvement in regional
stockmarket conditions.  Equity values are at what seem to us to be
unjustifiably low levels in Korea, Taiwan, India and in some other Asian
countries.  If we are right, the scope for further stockmarket falls is
limited.

Comparison between current economic conditions and those of the crisis years
of 1997/98 shows that most East Asian countries are running current account
surpluses, whereas in 1997/98 consumer confidence had collapsed.  The present
low interest rate climate supports both investment and consumption and a
pick-up in industrial production should follow from any recovery in global
economic growth.  As usual, the United States holds the key and, despite the
fact that its economy is now formally declared to be in recession, the
prospects for 2002 are starting to look somewhat better.


Optimism must be tempered with caution whilst current political and economic
uncertainties persist, but we are hopeful that our portfolio focus on
companies with good quality balance sheets and cash flows should produce
worthwhile returns in the period ahead.



Robin Baillie
Chairman
11 December 2001


Statement of Total Return
(Incorporating the Revenue Account)

                                                 Six months to 31 October 2001
                                                          (Unaudited)

                                                   Revenue    Capital    Total
                                                    £'000      £'000     £'000

Gains/(losses) on investments     - realised            -      1,980     1,980
                                  - unrealised          -   (16,861)  (16,861)
                                               
Exchange gains/(losses)                                 -      (119)      (119)
Income
    Unfranked investment income - dividends           546          -        546
    Stock dividends                                    35          -         35
    Deposit interest                                   51          -         51
    Other Income                                       28          -         28
Gross return                                          660   (15,000)   (14,340)
Investment management fee - note 1                   (52)      (155)      (207)
Other expenses                                      (176)        (9)      (185)
Net return before finance costs and
taxation                                              432   (15,164)   (14,732)
Interest payable and similar charges                  (2)        (5)        (7)
Return on ordinary activities before taxation         430   (15,169)   (14,739)
Tax on ordinary activities                          (137)         68       (69)
Return on ordinary activities after tax for the       293   (15,101)   (14,808)
financial period (attributable to equity
shareholders)
Dividends in respect of equity shares - note 2          -          -          -
Transfer to/(from) reserves                           293   (15,101)   (14,808)

Return/(loss) per ordinary share - note 3
Basic                                               0.28p   (14.25)p   (13.97)p



The Revenue column of this statement is the Revenue account of the Company.
All revenue and capital items in the above statement derive from continuing
operations. No operations were acquired or discontinued in the period.




Statement of Total Return............ (cont)
(Incorporating the Revenue Account)

                                                                        Year to
                                           Six months to 31 October    30 April
                                                     2001                  2001
                                                  (Unaudited)        (Audited)  
                                                                    
                                          Revenue   Capital     Total     Total
                                            £'000     £'000     £'000     £'000

Gains/(losses) on            - realised         -     6,960     6,960   (3,946)
investments                  - unrealised       -  (29,239)  (29,239)  (22,590)
Exchange gains/(losses)                         -       167       167       122
Income
    Unfranked investment income              
    - dividends                              630         -       630     1,044
    Stock dividends                             -         -         -         -
    Deposit interest                           19         -        19       172
    Other Income                                -         -         -         -
Gross return                                  649  (22,112)  (21,463)  (25,198)
Investment management fee - note 1           (82)     (245)     (327)     (588)
Other expenses                              (187)       (9)     (196)     (407)
Net return before finance costs and           380  (22,366)  (21,986)  (26,193)
taxation
Interest payable and similar charges         (80)     (240)     (320)     (325)
Return on ordinary activities before          300  (22,606)  (22,306)  (26,518)
taxation
Tax on ordinary activities                  (143)       109      (34)      (76)
Return on ordinary activities after tax       157  (22,497)  (22,340)  (22,594)
for the
financial period (attributable to equity
shareholders)

Dividends in respect of equity shares -         -         -         -     (318)
note2
Transfer to/(from) reserves                   157  (22,497)  (22,340)  (26,912)
Return/(loss) per ordinary share - note 3
Basic                                       0.15p  (21.00)p  (20.85)p  (24.87)p




Balance Sheet   
                                                       At        At          At
                                               31 October  30 April  31 October
                                                     2001      2001        2000
                                              (Unaudited) (Audited) (Unaudited)
                                                    £'000     £'000       £'000
Fixed Assets

    Investments                                    47,313    60,226      68,042

Current assets

    Amounts due from brokers                            -       948         302
    Tax recoverable                                    74       162         278
    VAT recoverable                                    26        28          44
    Prepayments and accrued income                     53        37          21
    Other debtors                                       -        36          36
    Cash at bank                                    4,982     6,197       3,556
                                                    5,135     7,408       4,237
Creditors: amounts falling due within one
year

    Amounts owed to brokers                             -        21           -
    Forward currency contract                           -         2           -
    Accruals and deferred income                      246       283         224
    Proposed dividend                                   -       318           -
                                                      246       624         224
Net current assets                                  4,889     6,784       4,013

Total assets less current liabilities              52,202    67,010      72,055

Capital and reserves
Called up share capital                            10,596    10,596      10,696
Share premium account                              74,588    74,588      74,588
Other reserves:
    Capital redemption reserve                        650       650         550
    Special reserve                                25,796    25,796      26,269
    Capital reserve - realised                   (39,787)  (41,547)    (30,463)
    Capital reserve - unrealised                 (20,462)   (3,601)    (10,250)
Revenue reserve                                       821       528         665
Equity Shareholders' funds                         52,202    67,010      72,055


Net asset value per ordinary share - note 4
Basic                                               49.3p     63.2p       67.4p
Diluted                                             58.0p     69.6p       73.0p






Cash Flow Statement
                                              Six Months   Year to   Six Months
                                                      to  30 April           to
                                              31 October      2001   31 October
                                                    2001 (Audited)         2000
                                             (Unaudited)     £'000  (Unaudited)
                                                   £'000                  £'000


Cash inflow from operating activities                152      (18)         (83)


Servicing of finance                                 (7)     (331)        (362)


Taxation                                              85       204           77


Capital expenditure and financial
investment

Purchase of investments                         (15,859)  (72,399)     (51,388)

Sale of investments                               14,817    80,053       56,107


Equity dividends paid                              (282)     (695)        (695)


Net cash (outflow)/inflow before management      (1,094)     6,814        3,656
of liquid resources and financing


Management of liquid resources                     1,640   (1,640)      (1,560)



Financing                                              -   (6,192)      (5,718)
Increase/(decrease) in cash in the period            546   (1,018)      (3,622)


Cash (inflow)/outflow from (decrease)/           (1,640)     1,640        1,560
increase in liquid resources
Cash outflow from decrease in debt                     -     3,060        3,060
Translation difference                             (121)       124          167
Movement in net (debt)/funds in the period       (1,215)     3,806        1,165

Net funds at beginning of period                   6,197     2,391        2,391

Net funds at end of period                         4,982     6,197        3,556



Reconciliation of Movement in Shareholder's Funds


                                     Six Months to     Year to    Six Months to
                                        31 October    30 April       31 October
                                              2001        2001             2000
                                       (Unaudited)   (Audited)      (Unaudited)
                                             £'000       £'000            £'000

                                                         
Revenue return for the period                  293          20              157
Capital return for the period             (15,101)    (26,932)         (22,497)
Shares purchased for cancellation                -     (3,132)          (2,659)
Net movement in Shareholder's funds       (14,808)    (30,044)         (24,999)
Opening Shareholder's funds                 67,010      97,054           97,054
Closing Shareholder's funds                 52,202      67,010           72,055




Notes to the interim accounts



1.         Investment management fees and interest payable on borrowings are
allocated 75% to capital reserve-realised and 25% to revenue reserve.



2.         No interim dividend has been declared in respect of the year ending
30 April 2002 (2001 - nil).



3.         Basic revenue return per ordinary share is based on the net revenue
on ordinary activities after taxation and on 105,962,059 (30 April 2001:
106,915,417; 31 October 2000: 107,135,905) ordinary shares, being the weighted
average number of shares in issue during the period.  Basic capital return per
ordinary share is based on net capital gains on ordinary activities after
taxation and on 105,962,059 (30 April 2001: 106,915,417; 31 October 2000:
107,135,905) ordinary shares, being the weighted average number of shares in
issue during the period.



4.         The basic net asset value per ordinary share of 10p has been
calculated on net assets at the period end and on 105,962,215 ordinary shares
(30 April 2001: 105,961,922; 31 October 2000: 106,961,992), being the number
of ordinary shares in issue at the period end.  On 6 September 2001 223
warrants were exercised for £1 each and converted into 223 ordinary shares of
10p each, leaving a balance of 22,157,694 warrants at the period end.



5.         It is the intention of the Directors to conduct the affairs of the
Company so that it satisfies the conditions for approval as an investment
trust company set out in section 842 of the Income and Corporation Taxes Act
1988.



6.         The foregoing information at 30 April 2001 is an abridged version
of the Company's full accounts which carry an unqualified Auditor's Report and
which have been filed with the Registrar of Companies.